Join our daily newsletter At The Bell to receive exclusive market insights
Raiden Resources (ASX:RDN) has kicked off drilling at the Andover South Lithium Project in the West Pilbara region of WA.
The maiden drill program will include 5000 square metres of diamond drilling, has started with a single diamond drill rig, with a second rig expected on site shortly.
The initial target area features highly fractionated and mineralised pegmatites, which are mapped and feature significant widths at surface.
The company is reviewing additional target areas for potential drill testing. Raiden anticipates the initial drill program will be complete by the end of November, and results will be released after review and quality control.
Mr Dusko Ljubojevic, Managing Director of Raiden said the company hoped to define the targets.
“The initial program is underway with a single drill rig, with a second rig scheduled to mobilise to site shortly,” he said.
“The initial planned drill holes will assist us in defining the dip and dip directions of the outcropping pegmatites, which will lead to further drill confirmation at depth.
“We look forward to receiving initial results and
will inform the market of the results as soon as they are received and
interpreted.”
Meanwhile, the company plans to launch a performance share incentive plan for the board at its next AGM.
The share price is down more than 2% on this news, viewed by more than 13,000 HotCopper investors so far today. Raiden has been trading at 4.5 cents.
-1200x645-380x200.jpg)
